Saskatoon-based IsoEnergy Ltd. (TSX: ISO) (OTCQX: ISENF) is selling off its Argentina uranium assets to hone its focus on other mining jurisdictions.
Early this week, the company announced that it had sold its Laguna Salada and Huemel projects in South America to privately held Jaguar Uranium.
IsoEnergy and Jaguar’s deal was valued at about C$13.6 million.
“The transaction will enhance the Company’s equity portfolio, which is estimated at C$16.9 million and includes holdings in NexGen Energy Ltd. (TSX: NXE), Premier American Uranium Inc. (TSX-V: PUR) and ATHA Energy Corp. (TSX-V: SASK) (OTCQB: SASKF) (FRA: X5U),” IsoEnergy said in a news release.
Canada’s uranium miner will now enhance its focus on the flagship Laroque East operation in Saskatchewan’s portion of the Athabasca Basin. Furthermore, IsoEnergy is aiming to restart three past-producing yellowcake mines in the American state of Utah.
Jaguar aims to pursue an initial public offering in the immediate future. Greenshift Commodities Ltd. (TSX-V: GCOM), a battery and magnet metal miner with a stake in both companies, offered its congratulations.
“We are thrilled to see IsoEnergy and Jaguar complete this transaction,” Greenshift CEO Trumbull Fisher said.
👉 Focused on restarting production at Tony M in Utah
👉Active exploration in the Athabasca Basin at Larocque East
👉 Strong market position with over $50M in cashClick to watch: https://t.co/71GXzDLokK$ISENF #Mining #Investing #Uranium #Nuclear
— IsoEnergy Ltd. (@IsoEnergyLtd) July 23, 2024
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IsoEnergy retains NSR on Argentine sites
A 2 per cent net smelter return royalty on the Laguna Salada project and a 1 per cent NSR on production from the Huemel operation will be retained by IsoEnergy through the deal.
Jaguar paid for the properties with 2 million private shares valued at C$6.89 apiece.
“By taking equity as consideration, IsoEnergy remains exposed to the upside in Jaguar shares and we look forward to supporting the company and its accomplished leadership team going forward,” IsoEnergy Director Philip Williams said.
IsoEnergy graduated from the TSX Venture to Toronto Stock Exchange listing earlier this month.
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